$ENA is currently facing a challenging period, approaching the crucial $0.20 support level amidst persistent bearish trends.
The situation looks particularly dire for one significant investor, Whale 0x118d5, who might incur substantial losses if they decide to sell now.
The wallet 0x118d5 (icrypto.ai/wallet/0x11d85…) gradually withdrew 4.09 million $ENA from Binance around four months ago and staked the tokens, with an average total value of $4.62 million.
Recently, this entire amount has been unstaked and deposited back to Binance, now worth only $1.03 million. If the whale decides to sell all their $ENA at the current price, they would face a staggering loss of $3.59 million, representing a 77.7% decline.
$ENA – Wallet 0x11d85 may lose -$3.59M (-77.7%) by selling $ENA 😭
Whale 0x118d5 (https://t.co/ImorrBXWur) gradually withdrew 4.09M $ENA ~ from Binance 4 months ago and staked it, with an average total worth of $4.62M. However, this amount has just been unstaked and deposited… pic.twitter.com/FzHitNMBLx
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) August 5, 2024
Despite the grim outlook, there are upcoming events and potential market movements that could offer a glimmer of hope for $ENA holders. On August 11, 0.82% of the $ENA circulating supply is set to be unlocked.
This event could play a pivotal role in either stabilizing or further impacting the token’s price, depending on market reactions and investor behavior.
Optimism Grows Over $ENA Potential Performance In Next Bull Run
Additionally, there is some optimism surrounding Ethena’s potential performance in the next bull market. Historical data shows that $ENA saw gains of 140% in the previous rally, suggesting that the token could rebound significantly once market conditions improve. Investors are hopeful that $ENA can capitalize on these opportunities and recover some of its lost value.
$ENA is not looking promising at the moment, approaching the next 0.20$ support amidst persistent bearish trends. Anticipate a reversal, as Ethena holds the potential to Excel during the upcoming bull market.
We've seen 140% gains in the previous rally. pic.twitter.com/iK9axVxeFJ— Decilizer (@decilizer) August 5, 2024
In summary, while $ENA is currently under significant pressure, approaching a critical support level, and facing potential substantial losses for key investors, the token still holds potential for a turnaround. Market participants are watching closely for any signs of reversal, particularly with the upcoming unlocking event and the anticipated bull market, which could provide the much-needed boost for $ENA’s resurgence.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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